According to reports, EaseMyTrip CEO Nishant Pitti is under investigation by the Enforcement Directorate (ED) due to the Mahadev betting app scam.
The focus of the investigation is the alleged connection between Pitti's company and Sky Exchange, an illegal betting platform associated with the Mahadev app. The law enforcement claims that Pitti's company was aware of these activities and had made payments to two shell companies related to the gambling business.
Shell companies are entities that exist only on paper and are often used to conceal money flows. During a raid in April this year, the Indian Enforcement Directorate seized 700,000 rupees (approximately $8,000) in cash from Pitti's residence, suspecting that the money might be proceeds from the gambling scam.
The investigation also states that Pitti had connections with manipulators of stock prices of 25 listed companies. It is alleged that these initiators used confidential beneficial ownership information to illegally influence market transactions with insider information.
These allegations are part of an ongoing investigation and have not yet been confirmed in court.
Nishant Pitti is currently a defendant under the Prevention of Money Laundering Act (PMLA). The investigating agency is seizing the assets in question, and the investigation is ongoing.
Data recovered from a laptop of a key defendant shows that Pitti was an agent for Sky Exchange and shows transactions between EaseMyTrip and two shell companies in 2021.
Pitti stated, "I do not know this person, and we have not made any payments to these companies since 2017. I have never heard of these names before."
